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Market Update

Berkshire Hathaway 2017 Profit Surges on $29 B Tax Gain


Author: Mukesh Buch
ticker.com
Last Update: 12:13 PM EST February 26 2018

11:55 AM New York City, New York Boise Cascade net surged on 19% jumped in revenues. Berkshire Hathaway profit soared on $29 billion in tax gain. Dean Foods tumbled on lower earnings forecast. SemGroup agreed to sell its U.K.-based petroleum storage business.

Tollbooth Index advanced 93.07 or 0.6% to 14,654.96.

Earnings Review

Boise Cascade Co (BCC) plunged 7.2% or $3.15 to $40.85 after the wood products maker said sales in the fourth-quarter ending in December jumped 19% from a year ago to $1.1 billion.

Net income in the quarter surged 367% to $19.1 million or 49 cents per diluted share from $4.1 million or 11 cents in the same quarter last year.

Berkshire Hathaway Inc ((BRK.A)) increased 2.4% or $7,206 to $311,226 after the insurer and industrial conglomerate reported revenues in the fourth-quarter ending in December jumped 8.3% from a year ago to $242.1 billion.

Net income in the quarter jumped to $27.3 billion from $14.6 billion in the same quarter last year.

Dean Foods Co (DF) tumbled 13.6% or $1.38 to $8.76 after the food and beverage maker stated net sales in the fourth-quarter ending in December slumped 4.4% from a year ago to $1.9 billion.

Net income in the quarter soared 59.5% to $52.3 million or 57 cents per diluted share from $32.8 million or 36 cents in the same quarter last year.

Dean Food forecasted fiscal 2018 earnings per share in the range of 55 cents to 80 cents and capital expenditures between $135 million and $160 million.

SemGroup Corp (SEMG) plummeted 9.2% or $2.35 to $23.15 after the oil and gas storage and distribution services provider reported revenues in the fourth-quarter ending in December slumped 4.4% from a year ago to $1.9 billion.

Net income in the quarter jumped 115.9% to $2.6 million or 3 cents per diluted share from $12 million or 18 cents in the same quarter last year.

SemGroup estimated full-year 2018 operating profit between $385 million and $415 million and capital expenditures of about $350 million.

Welbilt, Inc., formerly Manitowoc Foodservice, Inc (WBT) declined 6.4% or $1.41 to $20.59 after the foodservice equipment maker said net sales in the fourth-quarter ending in December dropped 3.4% from a year ago to $365.9 million.

Net income in the quarter surged 207.5% to $65.8 million or 47 cents per diluted share from $21.4 million or 15 cents in the same quarter last year.

Welbilt forecasted fiscal 2018 net sales growth between 7% and 10% and operating margin in the range of 19.5% to 21% and diluted earnings per share in the range of 80 cents to 90 cents.

Separately today, Welbilt agreed to acquire Sweden-based Avaj International Holding AB for total consideration of 1.8 billion Swedish krone or $224 million.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc